MAKING INVESTMENTS HAPPEN IN LEYTE: BOI Manufacturing Industries Service Acting Director Reynaldo D. Lignes awards the BOI Certificate of Registration to IMP President and Chairman of the Board Capt. Gaudencio C. Morales and IMP Vice President and Secretary Engr. Joseph Frederick A. Pepito.

ALBUERA, LEYTE—The inaugural launch of IMP Shipyard and Port Services, Inc., on 23 February at the state-of-the-art shipyard facility in the Municipality of Albuera in Leyte marks a significant milestone in the country’s thriving shipbuilding industry. The Board of Investments (BOI), recognizing the strategic importance of this project, approved IMP Shipyard as the first shipbuilding and repair facility registered with the BOI under Tier I of the Strategic Investment Priority Plan (SIPP) in accordance with R.A. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Law.

In photo: Entrance façade to IMP Shipyard’s facility in Albuera, Leyte

Established in 2019 with an initial project investment cost of Php 500 million, IMP Shipyard is expected to be fully operational by mid-2024, boasting a total capacity of ten (10) berths to accommodate two (2) ships for new construction and eight (8) ships for ship repair services. One of its flagship projects involves the construction of an energy-efficient ferry as part of the re-fleeting program of Metro Ferry Cebu, a domestic shipping company based in Cebu City.

IMP Shipyard envisions a safe, efficient, and environment-friendly shipbuilding and repair (SBSR) facility that will harness the Blue Economy potential of the Philippines. The company also plans to build commercial fishing vessels and establish a fish port equipped with refrigeration units, stimulating economic activities and benefiting local fisherfolk.

The project will provide significant employment opportunities for Filipinos, in collaboration with the Department of Migrant Workers (DMW)-National Reintegration Center for OFWs (NRCO). The company aims to capacitate returning seafarers for their upskilling and reskilling and provide for their potential business opportunities in the ancillary services of IMP Shipyard.

In photo: (Left) IMP Shipyard fabrication shop; (Right) a 45ton hydraulic power winch system, the main component used to pull and maneuver ships into position and launch them into the sea

Moreover, IMP Shipyard vows unceasing implementation of development programs for the maritime industry harnessing the potential of our maritime workforce in ship designs and constructions to facilitate the modernization effort in our domestic shipping industry.

Aligned with the Road Map of the Maritime Industry Development Program (MIDP 2028), IMP Shipyard is focused on the five (5) Priority Programs that encompass the whole-of-MIDP approach: Shipbuilding, Ship Repair, Community Empowerment, Capacity Building, and Seafarers Re-integration Program. For its shipbuilding and ship repair services, IMP aims to design and build steel-hulled vessels of 50 meters LOA and below, in support of the Coastal and Inland Water Transport System (CIWTS) of Maritime Industry Authority (MARINA) and committed to a fast turnaround of vessels for its repair services.

The BOI’s approval of IMP Shipyard as a strategic investment underscores the government’s support for the shipbuilding sector. In the past ten (10) years, BOI has approved 35 shipbuilding projects in the manufacturing and transport and storage industries. IMP Shipyard’s entry is poised to further boost the Philippines’ strong shipbuilding industry.

As the world’s fourth-largest shipbuilding nation, the country plays a vital role in the global maritime industry. With 115 MARINA registered shipyards employing more than 30,000 workers, the country’s shipbuilding industry is a key driver of economic growth.

Looking ahead, IMP Shipyard plans to expand into strategic locations to accommodate larger vessels and potentially establish a ship-breaking and recycling facility to support the government’s ship retirement and replacement program. Prospective investors and domestic shipowners are invited to explore collaboration opportunities.

The BOI remains committed to enhancing the domestic shipbuilding industry’s capability to meet local vessel demand and expand its market share in the global value chain, supporting the government’s goal of positioning the country as a global maritime hub. ♦

Date of release: 20 March 2024